Are debts killing your business?

How do I know if my business is insolvent?

Ultimately, an insolvent business is one that cannot pay all of its debts when they are due.

How does the Small Business Restructuring process work?

If the proposal is accepted, then the company pays what is agreed in the Plan and is then free of the balance of the debt.

Do I need to qualify for Small Business Restructuring?

To be eligible for small business restructuring, you may need to meet specific criteria and TaxAssist Accountants can help you determine whether you meet the eligibility criteria. You will need to:

TaxAssist can calculate the total amount of unpaid superannuation and super guarantee surcharge that you owe to your employees. 

To be eligible for Small Business Restructuring, a company must be able to declare that:

Here are some ways that the Small Business Restructuring Plan (SBR) can potentially help to save your business and wipe a large portion of your debts: 

Overall, a small business restructuring plan can provide a clear path forward for your business, helping you address your debts and position your business for long-term success.  It is worth noting that a recent ASIC (Australian Securities and Investments Commission) report found that SBRPs had a 92% success rate with an average debt reduction of 85%.

How we can help

Call us on 02 9608 3707 or make an enquiry here and we’ll put you in contact with your local TaxAssist Accountant.

Last updated: 17th March 2023